Communications of the ACM
Surfing the Metaverse's Real Estate Boom
The MetaOasis decentralized autonomous organization (DAO) plans to build an elaborate headquarters in the virtual world The Sandbox.
Credit: MetaOasis DAO
The real estate boom isn't limited to reality. A prime plot in Decentraland, a metaverse platform, sold for the equivalent of US $2.4 million dollars in November of 2021, and less desirable land often sells for six figures.
This creates a problem all too common in the real world. Many who'd like to own a plot in the metaverse are now priced out. So metaverse decentralized autonomous organizations (a.k.a. DAOs, sometimes jokingly referred to as "group chats with a bank account") are forming to solve this. In the process, the DAO creates a new model for virtual property ownership.
But is the demand truly sustainable?
DAOs purchase, sell, and hold blockchain assets without control from a central authority. Buying the DAO's token grants rights to influence decisions, often in proportion with ownership, though the specifics vary between groups.
From IEEE Spectrum
View Full Article
No entries found